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WorksheetsDonor's Tax
Total questions: 12
Worksheet time: 6mins
ALL ARE ESSENTIAL REQUISITES OF DONATION, EXCEPT
CAPACITY OF THE DONOR
INTENTION TO DONATE
DONATIVE ACT OR DELIVERY
ACCEPTANCE BY THE DONEE
CAPACITY OF THE DONEE
DONATION IS THE GRATUITOUS TRANSFER OF PROPERTY FROM ONE PERSON TO PERSON. WHICH OF THE TYPE OF DONATION IS SUBJECT TO DONOR'S TAX
DONATION INTER VIVOS
DONATION MORTIS CAUSA
DONATION IS THE GRATUITOUS TRANSFER OF PROPERTY FROM ONE PERSON TO PERSON. WHICH OF THE TYPE OF DONATION IS SUBJECT TO DONOR'S TAX
DONATION INTER VIVOS
DONATION MORTIS CAUSA
Donor’s Tax is a tax on a donation or gift and is imposed on the onerous transfer of property between two or more persons who are living at the time of the transfer. It shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect and whether the property is real or personal, tangible or intangible.
True
False
Maybe
There are two types of donation namely; Donation Inter-vivos and Donation Mortis-causa. The latter is a type of donation that take effect during the lifetime of the donor and thus, subject to donor’s tax. The former type is subject to estate tax.
True
False
Maybe
Donor’s tax is an ad valorem tax and also an excise tax.
True
False
The donor’s tax shall not apply unless and until there is a competed gift.It is completed by the delivery, either actually or constructively, of the donated property to the done.
True
False
1. Donation Mortis causa: refers to gifts made during lifetime of donor but is intended by donor to take effect upon his death. This property transfer partakes the nature of testamentary disposition and is governed by law on succession; hence this property is subject to estate tax.
true
false
Requisites of Valid Donation are:
1. Donative intent of donor.
2. Capacity or authority of donee
3. Delivery of donated property
4. Acceptance of Donee
5. Donation is in prescribed forms
true
false
To be a valid Donation; for personal property- if value of property is equal or more than P 5,000 then donation and acceptance must be in writing; otherwise, the donation and acceptance may be made orally.
true
false
Donor's tax is not a property tax and collected by LGUs.
true
false
Under TRAIN law, Dowries or gift on account of marriage and before celebration of marriage or within one year thereafter by parents to each of their legitimate, recognized natural or adopted children is exempted up to the extent of first P 10,000.
True
False
